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Meridian Credit Union vs PC Financial®
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Meridian Credit Union edges ahead on our overall rating (3.9 vs 3.8), but the right pick depends on which products and fees matter most to you.
Overview
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
PC Financial offers banking services from President’s Choice Bank, which is a Schedule I, federally regulated bank in Canada. Given this setup, the banking products at PC Financial have coverage of up to $100,000 from the Canadian Deposit Insurance Corporation (CDIC). EQB, parent of EQ Bank, acquired PC Financial in July 2026. Prior to this, the bank was a subsidiary of Loblaws.
PC Financial has a smaller offering than many other Canadian banks. It has only one main account that operates as a no-monthly-fee chequing account with the ability to add on a savings feature, giving you the best of both worlds. Its interest rate applies to all balances in the savings side of the account and is quite competitive considering there is no minimum balance.
The bank also has just a few Mastercard credit cards, with no Visa or American Express options. Lines of credit and mortgages are also not available. It lacks in business banking and insurance products as well, making it a better choice for those who don’t need a full-service banking relationship.
Top chequing accounts
Top savings account
Top credit card
All products offered
5 products
Chequing
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